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Biden administration forgives $39 billion in student debt for more than 800,000 borrowers

Slyfox696 said:
...while neglecting to say the interest is still running).
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I prefer the way Grandma said it in "Rounders"
"The JUICE is still running"



It's a lot more accurate considering the way the Stu Loan system is rigged with all the special privileges for lenders that sets them apart from EVERY OTHER kind of loan in history.
THE JUICE IS STILL RUNNING UNTIL YOU ARE DEAD.
 
PoS said:
Pure bribery.
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Hopefully it will generate political donations like tax breaks for the rich and corporations.
 
dcsports said:
You mean the College Cost Reduction and Access Act? Which WAS a law passed by congress? I believe it's the left that forgot about this. The 'caterwauling' is regarding Biden bypassing congress, and spending a lot of money in a way that even he admitted he doesn't have the power to do.

The objection isn't to debt being forgiven for those who need it. It's to the notion of blanket forgiveness and bypassing Congress.
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No, I was talking about the Public Service Loan Forgiveness program.

And I still have to say that I see a whole lot of demonizing the students who took their loans. I've seen them called deadbeats or moochers who took a lot of money for useless degrees etc. Those characterizations have nothing to do with whether it's Biden or Congress making this forgiveness available. I for one (who has 3 college degrees and did receive relief under PSLF) take a bit of offense at the way conservatives have been characterizing the people who would benefit from this relief. We are not moochers. We are not deadbeats. I was on time with my payments and I was up to date. But I then found that I was eligible to have the remainder of my balance forgiven so I took it. As would EVERY poster on this board no matter how much "I repay my loans" bullshit they talk. They'd be retarded not to.
 
holbritter said:
BFD. Most federal loans are not that big to last 20 to 25 years. If they were talking private loans, yeah, but not federal.

Right now the limits are $57,500 for undergraduates-No more than $23,000 of this amount may be in subsidized loans.
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Yes, that comment seems a little strange. At least when I got mine, the only option was 10 years. It could have been 11... I did take a deferral when I changed jobs once, but I also doubled my payments at the end, so it didn't. If it's 20-25 years, the person must have taken deferral after deferral, and perhaps included the time actually in school.

The three year deferral without interest for covid was absolutely unnecessary for most borrowers, and a gift. Although I'm not surprised that many held off on payments anyway, hoping for forgiveness. A savvy person would have set the payments aside the payments into an investment account, or paid down other debts.
 
Candyman said:
No, I was talking about the Public Service Loan Forgiveness program.
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Thank you. We are talking about the same thing.

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Candyman said:
And I still have to say that I see a whole lot of demonizing the students who took their loans. I've seen them called deadbeats or moochers who took a lot of money for useless degrees etc. Those characterizations have nothing to do with whether it's Biden or Congress making this forgiveness available. I for one (who has 3 college degrees and did receive relief under PSLF) take a bit of offense at the way conservatives have been characterizing the people who would benefit from this relief. We are not moochers. We are not deadbeats. I was on time with my payments and I was up to date. But I then found that I was eligible to have the remainder of my balance forgiven so I took it. As would EVERY poster on this board no matter how much "I repay my loans" bullshit they talk. They'd be retarded not to.
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You are correct. You would be foolish not to take advantage of it if offered. Personally, I think cash for clunkers was a poorly created program - but I took advantage of it.

The students (as a whole) aren't 'deadbeats', although there are several appropriate names for those calling for blanket forgiveness. And personally, I'm not opposed to some form of relief for people who NEED it. But whatever the program is, it should be approved by congress. Congress has the power of the purse, and clearly never intended for existing legislation to allow these types of wholesale changes.

Biden and company are certainly 'deadbeats' (and a few other names) for promising forgiveness when they knew it was unconstitutional. It was an election ploy - a bait and switch - that was unfair to everyone involved.
 
nvflash said:
Don't expect Democrats to fix costs, they are the ones responsible for the outrageous prices to begin with.

Now they are putting the costs on all of us by adding $39 billion to the debt, a price we will pay with interests.

We didn't owe the money, we did not sign legal papers to incur the debt, we did not receive the benefits of a college education. Yet now we have to pay for it.

Look, it's a very perverse system, college costs are out of control and the entire system is built around selling guile young people on a dream. For some that dream comes true, but for far too many it does not.

Educated people are a benefit to our society, they create and invent things we all like and use, be that art science or tech, so nothing is really lost. I understand that President Biden wants to help some of those that the dream of better pay really didn't happen and now for decades they have been saddled with a debt they can't really ever expect to be able to repay.

So I don't really disagree with what he wants to do, just the ways that he is going about it, and who is paying for it all plus interest in the end of the day.

Find a way to pay for it that does not add to the debt.

However, I'm not too upset, the President is limited to the system that is, that of easy public money through the national debt, but that's not really leadership. A true leader would change the entire game.

America should be a creditor nation, not a debtor nation.

Biden isn't a bad guy, he's just stuck with a bad system, a system that he does not have the intelligence or leadership skills to change. Like most people he likely does not see the system for the evil it is, or if he does he just doesn't know how to fix it.

That's not to say he isn't intelligent, or he doesn't have good leadership skills, or he is a bad person. Even Jesus himself could not defeat the money changers, they sent him to the cross and no one has seen him in 2000 years.

All of us fall short of Jesus, so the fact the Biden does too does not make him a bad President, he's just not a great one. Tho if he were he'd likely meet the fate of most other Presidents or leaders that ever challenged the banking systems of the money changers.

Only a very few people on the world truly understand the money system, and most of those that do just work within and evil system to gain great or greater wealth, while we the people pay for it all, over and over again.
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Isn't it Congress's job to fix it?
 
While all those with student loans are cheering, the many who scrimped and saved and paid their way, or their children's way, through school just got royally screwed.

As always, leave it to Democrats / Liberals / Progressives to divide and set people against each other to maintain their political power and control.

PoS said:
Pure bribery.
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Yep.

But what makes me think that there are more people who have paid and just gotten screwed, outnumbering those who are going to benefit from this?

May very well end up being a vote loss in the end.
 
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Fletch said:
If it is within the power of the executive branch to do this then so be it. But it is nearly $50,000 per borrower.
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Fletch said:
But if people have been paying on their loans for 25 years and still have $50,000+ to go then that tells you the real problem is the price of a college education.
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The soaring college costs after the government took over the student loan industry are all the government's creation. When the government flooded a market with easy money,the price of that market's commodity, in this case a college education, increases.

Fletch said:
Maybe he should address that rather than apply a band aide.
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The real fix is to have colleges underwrite the student loans with their endowment funds. The colleges would grant loans to the students that really have a good chance for academic success, and since the college has skin in the game, would provide guidance consoling, tutors, whatever, to help those students to achieve academic success.

Government involvement screws everything up, especially markets such as this one, and screws responsible people, as this, once again, demonstrates.
 
I'm just here for the froth.
 
www.foxbusiness.com

Biden administration forgives $39 billion in student loan debt to more than 800,000 borrowers

The Biden administration announced Friday that it will provide $39 billion in automatic loan forgiveness for federal student loans.
www.foxbusiness.com www.foxbusiness.com
"For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness," U.S. Secretary of Education Miguel Cardona said in a statement. "Today, the Biden-Harris Administration is taking another historic step to right these wrongs and announcing $39 billion in debt relief for another 804,000 borrowers."
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"These fixes are part of the Department’s commitment to address historical failures in the administration of the Federal student loan program in which qualifying payments made under IDR plans that should have moved borrowers closer to forgiveness were not accounted for," it continued. "Borrowers are eligible for forgiveness if they have accumulated the equivalent of either 20 or 25 years of qualifying months."
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"I will stop at nothing to find other ways to deliver relief to hard-working middle-class families," Biden said in a statement after that decision was made.
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Fantastic news! Glad to see Biden is being more assertive in delivering on his election promises. Very popular measure among Democrat voters and hopefully will mobilize younger people to vote.
 
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I assume this will be challenged also...
 
BS policy... But still way better than Traitor party.
 
NatMorton said:
I think making the funding of a student loan forgiveness a voluntary plan is an excellent idea.
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I would agree this would allow the wealthy to give back to their community
 
Here's a thought. How's about we all agree that, as citizens of this great country, we all have an obligation to work hard, pull our weight, honor our debts, and do everything within our power to not be a financial burden to others.
 
Chillfolks said:
I would agree this would allow the wealthy to give back to their community
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Oh, they gonna give back all right.
"I will stop at nothing to find other ways to deliver relief to hard-working middle-class families," Biden said in a statement after that decision was made
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You've likely heard of the "Me Generation." May I now introduce you to the "Gimme Generation."
 
NatMorton said:
I think making the funding of a student loan forgiveness a voluntary plan is an excellent idea.
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It is voluntary. If you don't support paying taxes to fund education and improve the country you can move to another country :)
 
NatMorton said:
You've likely heard of the "Me Generation." May I now introduce you to the "Gimme Generation."
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This is false. We are no longer asking.

Quality of life WILL be improved. America WILL catch up to other countries in educational outcomes. The line WILL go up. Bidenomics will reign supreme.
 
Biden's sending the wrong message. If you choose to take on debt then expect to have to pay it back. At one time I thought that was common sense. But apparently not.
 
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